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Crude oil futures were lower Wednesday morning after the API's weekly report showed U.S. crude oil stocks fell 6.8 million barrels.
Also yesterday, the EIA's report shows a higher oil demand in the U.S. in 2019. The agenecy says demand will help oil prices to average $67 in the second half of the year and $62 in 2019.
The EIA is out with its oil inventories report at 10:30 am ET.
Meanwhile, a report said Iran's oil exports will likely drop by 500,000 bpd amid U.S. sanctions in August.
WTI light sweet oil was down 50 cents at $73.61 a barrel.